The typical owner-occupied home in Bernalillo is worth about $255,500, 3% above the New Mexico median of $248,100 and 23% below the national median of $332,700. Owners pay a median $1,514 a year in property taxes, about 0.59% of their home's value, lower than the New Mexico rate of 0.70%. The median household earns $63,880 a year, so the median home costs 4.0 times the median income (3.9 times for New Mexico). 77% of occupied homes here are lived in by their owners, and 48% of those owners still have a mortgage.
Bernalillo at a glance
| Bernalillo | New Mexico | U.S. | |
|---|---|---|---|
| Median home value | $255,500 | $248,100 | $332,700 |
| Median property tax paid per year | $1,514 | $1,731 | $3,119 |
| Property tax as a share of value | 0.59% | 0.70% | 0.94% |
| Median household income | $63,880 | $64,059 | $80,734 |
| Homes lived in by their owners | 77% | 70% | 65% |
| Owner homes with a mortgage | 48% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,376 | $1,564 | $1,963 |
| Those costs as a share of the owners' income | 21.9% | 20.6% | 21.0% |
| Median rent | $902 | $1,067 | $1,413 |
| Rent as a share of renters' income | 28.3% | 30.1% | 30.6% |
| Median year homes were built | 1992 | 1985 | 1980 |
| Vacant homes | 6.8% | 12.5% | 10.1% |
| Population | 9,086 | 2,120,246 | 334,922,499 |
What a typical home costs per month in Bernalillo
At this week's average 30-year rate of 7.11%, buying the median Bernalillo home of $255,500 with 20% down costs about $1,607 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,033, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $68,875 for the 20%-down payment. That payment is 30% of the median Bernalillo household income of $63,880; at that income and 20% down, the 28% guideline points to a home of about $237,000.
The median rent here is $902 a month, so owning the median home costs about $705 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $51,100 |
|---|---|
| Loan amount | $204,400 |
| Principal and interest | $1,375 |
| Property taxes (0.59% a year) | $126 |
| Homeowners insurance (our estimate, 0.5% a year) | $106 |
| PMI | $0 |
| Total per month | $1,607 |
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| Down payment | $8,942 |
|---|---|
| Loan amount | $250,872 |
| Principal and interest | $1,688 |
| Property taxes (0.59% a year) | $126 |
| Homeowners insurance (our estimate, 0.5% a year) | $106 |
| FHA mortgage insurance | $113 |
| Total per month | $2,033 |
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Questions about home buying in Bernalillo
What is the median home value in Bernalillo?
About $255,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Bernalillo?
Homeowners pay a median $1,514 a year, which is about 0.59% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Bernalillo?
For the median home with 20% down at 7.11%, the payment is about $1,607 a month. Keeping that under 28% of gross income takes about $68,875 a year.
More about Bernalillo
- Mortgage Refinance in Bernalillo
- Debt Relief in Bernalillo
- Home Equity Loans in Bernalillo
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data